Search form

Search form

Office Depot will sell its half of Office Depot de Mexico to its joint venture partner Grupo Gigante for $690.2 million, the company said. The partnership was launched in 1994 and today has more than $1.1 billion in annual sales; its 248 stores in Mexico and Central America will retain the Office Depot brand after the deal closes.

Related Summaries

Mexican retailer Grupo Gigante will acquire RadioShack de Mexico, a deal that includes the retailer's brands, trademarks and 251 stores, for $31.8 million. Grupo Gigante, which operated RadioShack stores in Mexico from 1992 to 2008, will make the acquisition under its Office Depot de México division, the company said.

Amazon has launched an online marketplace in India where third-party sellers will sell items including books, DVDs, cameras and mobile phones, the company said Tuesday. Amazon won't sell its own inventory on the site, but it will offer fulfillment services from a fulfillment center near Mumbai.

Radio Shack has bought Grupo Gigante's stake in their joint venture after the two companies failed to come to an agreement on an expansion strategy. The move boosts the cash reserves of the Mexican retailer and makes Radio Shack the sole owner of Radio Shack de Mexico. "Upon analysing the different scenarios and conditions put forth, and not having arrived at an agreement allowing [the two companies] to move forward together and expand into Latin America, Grupo Gigante decided to sell," Gigante said.

Gigante and its American partner, Office Depot, have decided to expand into Colombia through their Latin American joint venture, which Gigante said would fund the expansion. In October, Office Depot rejected Gigante's bid to acquire the office-supply giant's half of the joint venture.